Daught of an ccountant

Respected Sir/Friends,

Our 2014-15 Accounts got Finalised now with in a week we will be having a auditod Balance sheet for FY 2014-15 Our Current FY  2015-16 Accounting is going on,

(1) My Daught is How to take a Opening Balances of FY 2014-15 in to current year Tally.?????

(2) Only opening Balances of BalanceSheet  must be carry down to FY 2015-16 or P & L opening Balances also must carry forward to 2015-16??????

Just give me Miss call i will recal u back then please calarfy my daught.

Ph No. 09986 394449,

gavishbly @ gmail.com

 

Replies (2)

All you have to do is to pass the adjusting final entries.

Its always better to continue as a single company, rather to split it at the end of each year.

P&L a/c items relates for a period, and is therefore not to be carried forward to the succeding year books.

Also there are a few spelling mistake in your message : its doubt, not daught & its clarify, not calarfy

If u are continuing with same tally backup for yr 2015-16 also, thr is no need to enter opeining balances since it will be carried forward automatically once u pass entries & close accounts of 2014-15. But if you want to create new company for FY 2015-16, u hav to enter opening balance for each & every balance sheet item.

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